broker-dealer audits

Citrin Cooperman Got Sent to Their Room By the PCAOB For Broker-Dealer Audit Screw-Ups

After doing a quick Google search, it looks like the PCAOB hasn’t punished a public accounting firm for failures in its audits of brokers and dealers since 2016. But top 25 firm Citrin Cooperman broke that drought yesterday after being fined $200,000 by a disappointed PCAOB for violating standards related to broker-dealer audits. And three […]

Broker-Dealer Audits Are Still Sloppy, But Hey, Auditor Independence Violations Are Down, So That’s Something

The Public Company Accounting Oversight Board released its report on 2017 inspections of broker-dealer audits on Aug. 20, and once again, there was some disappointing news for those who champion audit quality. According to a PCAOB press release: In this inspection period, the PCAOB inspected 75 audit firms and reviewed portions of 116 audits and […]

PCAOB Official Doesn’t Want Anyone To Freak Out But Holy Schnikes, Broker Dealer Audits Are Bad

If you read the PCAOB's press release on its annual inspection of broker-dealer audits, you sense disappointment: For inspections conducted in 2014, PCAOB staff identified independence findings in 26 of the 106 audits selected for inspection, primarily related to assisting with the preparation of financial statements. Twenty of those audits were performed by firms that […]

The AICPA Couldn’t Give Broker Dealer Audit Standards a Thumbs Up Without a Pat on Their Own Back

THE MAN HAS SPOKEN. This is the official statement from Barry Melancon in response to the PCAOB's proposed broker-dealer audit standards: “The AICPA is committed to activities that enhance audit quality and has been a leader assisting practitioners in achieving that goal. “We have been consistent in our position that brokers and dealers should be […]

Auditors of Broker-Dealers Are Letting Us All Down

COME ON, YOU GUYS. You're making EY look really good and that is no small feat. Here's what PCAOB Member Jay Hanson had to say during the call with reporters about the Board's second progress report on interim inspection program for broker and dealer auditors:  “The number of firms and audits inspected are greater than […]